According to data provided by Santiment, Bitcoin is currently experiencing its highest bullish sentiment in more than a year based on the ratio of positive and negative comments.
On Sunday, the price of Bitcoin surged to $69,404, the highest level since June 12.
However, it has since pared some of its gains, currently trading at $67,483 on the Bitstamp exchange.
As reported by U.Today, Bitcoin managed to log a spectacularly swift sentiment jump earlier this month. In fact, it managed to go from fear to greed within just two to four days due to the cryptocurrency's stunning price recovery.
On July 5, Bitcoin crashed all the way to $53,350 on the Bitstamp exchange. The cryptocurrency was getting clobbered due to selling pressure from repayments initiated by the long-defunct Mt. Gox exchange and the German government. Within just eight days, it ended up reclaiming the $60,000 mark. The ball was back in the bull's court.
Tomiwabold OlajideNow, it remains to be seen whether Bitcoin will be able to finally reclaim the $70,000 level once again and gain a firm footing above it, which is something that the leading cryptocurrency has so far failed to achieve.
Bitcoin reached its current apex in March at $73,794 amid peak euphoria surrounding the success of Bitcoin exchange-traded funds (ETFs). These products saw record-breaking inflows, reviewing the narrative about growing institutional demand for Bitcoin.
The Fed potentially lowering interest rates later this year will likely be another powerful bullish catalyst for Bitcoin. It is almost certain that the central bank is going to implement its first rate hike this September after the most recent inflation data.
Denys Serhiichuk
Tomiwabold Olajide